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Steel Sector

The state government of west Bengal has decided to allocate 750 acres of land in Raghunathpur, Purulia to Jai Balaji Group of the city. Jai Balaji Group would use the land for integrated steel, power and cement projects worth Rs 16,000-crore. It would start the first phase of project within a few weeks. The company has also decided to offer jobs to one member of each family whose land has been acquired to set up the projects.

India's largest steel maker Tata Steel is forced to extend the deadline for commissioning the first phase of its steel plant in Vietnam. The project has been delayed due to the problems with land acquisitions in the special economic zone where large number of companies are setting up their projects.

The government criticized the Steel Authority of India Ltd. for slow growth in its expansion plans. It has decided to review its work on regular basis for timely completion of ongoing and new projects. SAIL has to increase its steel production capacity to 26 million tons by the financial year 2010.

Union Steel Minister Ram Vilas Paswan reviewed the progress of various expansion projects of SAIL worth Rs 54,000 crore. He added, "I am not satisfied with the pace of SAIL's brown-field expansions and have asked the steel secretary to ensure that the PSU completes the envisaged projects in a time bound manner."

It has been announced by the Mahindra Ugine Steel Company that it has decided to align the company's production plans with the expected demand due to the ongoing economic slow down in the steel as well as the automotive industry and taking into account the slowdown in demand for the company's products.

The government’s move to across-the-board cut of 4% in the ad valorem Cenvat rate, which will be effected for the balance part of the current fiscal on all products other than petroleum, is surely going to benefit the construction grade steel like TMT and structural steels, made by Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd and Tata Steel.